Gold Seeker Closing Report: Gold and Silver Gain Over 1% and 3%

	Close	Gain/Loss
Gold	$1727.00	+$18.10
Silver	$33.98	+$1.09
XAU	203.81	+2.24%
HUI	577.19	+2.27%
GDM	1660.23	+2.16%
JSE Gold	3128.80	+64.20
USD	77.12	-0.19
Euro	137.28	+0.32
Yen	128.08	+0.44
Oil	$92.51	+$0.32
10-Year	2.006%	+0.005
T-Bond	141.75	-0.25
Dow	11836.04	+1.53%
Nasdaq	2639.98	+1.27%
S&P	1237.90	+1.61%

Magellan Minerals Ltd. (TSX-V: MNM) is a well-financed, Canadian-based junior exploration company focused on mineral exploration and development in the state of Para in northern Brazil. The Company has interests in a number of properties in the Tapajos region which has a historic gold production estimated at 20-30Moz of gold. The Company has two advanced gold projects, Cuiu Cuiu and Coringa, a 1.7Moz gold resource, and is currently drilling with six rigs. More...

Gold gained over $35 to as high as $1744.02 by about 11AM EST before it fell back off by nearly $25 into the close, but it still ended with a gain of 1.06%. Silver rose to as high as $34.40 by early afternoon in New York before it also fell back off a bit in late trade, but it still ended with a gain of 3.31%.

Euro gold climbed to about €1258, platinum gained $16 to $1592.50, and copper gained 6 cents to about $3.56.

Gold and silver equities rose over 3% by late morning before they fell back off some midday, but they still ended with over 2% gains.

Report	For	Reading	Expected	Previous
ADP Employment	Oct	110K	100K	116K

The fed left rates unchanged as expected. They noted some signs of economic improvement recently, but also lowered some of their longer term forecasts. In addition, they had a dissenter in Evans “who supported additional policy accommodation at this time.” The “hawks” who had dissented previously due to too much accommodation were absent in their dissention today.

“The Federal Reserve is holding off on any new actions to help the economy because stronger growth is giving it time to gauge the impact of steps it's already taken.

In a statement released Wednesday, the officials said the economy has strengthened and consumers have stepped up spending. But they said the economy continues to face significant downside risks, including strain in global financial markets -- a reference to the crisis in Europe.

The Fed left open the possibility of taking further steps later to try to boost the sluggish economy. But it gave no hint as to what those moves might be.”

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 10/29 expected at 401,000, third quarter Productivity expected at 2.8%, and Unit Labor Costs expected at -1.1%. At 10AM are Factory Orders for September expected at -0.2% and ISM Services for October expected at 53.8.

Oil remained slightly higher after the Energy Information Administration reported that crude inventories rose 1.8 million barrels, gasoline inventories rose 1.4 million barrels, and distillates fell 3.6 million barrels.

The U.S. dollar index pared some of its early losses following the fed’s statement, but it still ended lower as the euro rose on easing worries over Greece.

Treasuries fell as the Dow, Nasdaq, and S&P rose on strong earnings reports and relative calm in Europe.

Among the big names making news in the market today were Devon Energy, Comcast, Sony, MasterCard, Goldman Sachs, and MF Global.

“The talk today is of the subtle but significant shift in the FOMC in regards to another round of Quantitative Easing or QE. It appears the formerly hawkish dissenters from this madness have been brought in to heel with the Fed perhaps ramping up expectations that they will act in some form as conditions worsen in Europe.

Signals are still unclear and there is a lot of conflicting information swirling in the financial air which is leading to further instability and volatility in our financial markets.

I find it less than honest that those advocating another dose of financial morphine into the system are pointing to the lack of inflation as a signal that the Fed could engage in further money creation without unduly impacting prices in general. My response to this is "Bullsh_t".

Take a look at the following charts of the two basic meat sources, cattle and hogs. The first is of April 2012 cattle. Look at what has happened to the price of cattle. While this is obviously terrific news for cattle ranchers, it is a significant foreteller of what is going to happen to the price of beef next year. As a matter of fact it has already happened with wholesale beef prices rising to very lofty levels.

The latter is of April 2012 Lean Hogs. That is a reflection of where pork prices are headed next year.

Can anyone with an unbiased mind look at either of these charts and tell me that the markets are not expecting meat prices to rise next year?

Some may suggest that consumers will not feel the impact because they could switch to chicken. A substitution is no doubt realistic but the problem is that the rising price of both beef and pork will lead to increasing demand for chicken which will pull it higher as well (and this does not take into account any fall off in broiler production due to the previous impact of rising feed prices).

Let me attempt to explain some of this and its connection to the Fed's QE. One of the major fallouts from this ill-conceived attempt at money creation was soaring food and energy prices. QE1 put a floor in the Corn market back in late 2008 taking it from near $3.00/bushel to $4.50 before it established a price range. Later in 2010, as talk surfaced in September about the Jackson Hole Summit that another round of QE was coming, corn prices began moving higher alongside the entirety of the commodity complex. When the actual implementation of the program began, corn shot up to $8.00 bushel.

Another way of stating this is that the primary feed grain for both cattle and hogs experienced an increase of 167% in a two and one half year period. Now I will admit that the entire price rise was not directly due to both QE's as there were weather factors, etc., that came into play as well, but it is undeniable that easy money policies of the Fed were a major contributing factor to the overall price rise in the feed grains.

Why is this important? The answer is because hog and cattle producers have to make decisions whether or not to increase the size of their herds by breeding either their heifers or sows. When they sit down and put a pencil to it, they look at the cost of their feed and the expected selling cost of the animals they are going to raise which will be ready further down the road (it obviously takes time for gestation and growth to slaughter weights).

Many cattle and hog producers were initially experiencing substantial losses on each head of cattle or hog that they were raising and bringing to market because of the sharp rise in their costs so they did what a rational person could be expected to do under such circumstances - they cut back production. The result is that the overall supply of both cattle and hogs has now fallen to levels that are not keeping up with demand and that is causing prices to rise and rise rapidly. (a side note is the severe drought we had this year in the Plains which led to substantial cattle losses further crimping supply).

The other factor is that the QE programs effectively undercut the value of the US Dollar making the beef and pork produced here in the US very cheap on the world export markets when compared to competitor nations. That has sent foreign buyers to the US to source both beef and pork further exacerbating the supply/demand imbalance and pushing prices yet higher.

In summary - the Fed created QE1 and QE2 and in the process helped to shove feed prices higher. That sent the WRONG signal to cattle and hog producers who then cut back their herds or did not actively seek to increase their size. This occurred at the same time that the US Dollar was falling and creating a type of fire sale on US produced beef and pork which led to a surge in export-related demand. The result - US consumers are the ones who will feel the impact of this in the form of higher protein prices in the upcoming year. While I am happy for my friends in the cattle and hog business who work long and hard hours, I am extremely displeased to sit here and watch my protein sources move inexorably higher realizing that some of these cost increases did not have to occur but were rather man-made.

And this my friend is how the Federal Reserve and its money creation programs impacts every segment of society even down to the most basic needs of food. Remember this when you hear more chatter about further QE coming. By the time they finish with us, a pork chop will be $9.99/pound. But what will that matter - the stock market will be moving higher so everyone will feel wealthy and will not mind paying up, will they?”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

	Product name	Total Tonnes	Total Ounces	Total Value
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx)	SPDR® Gold Shares	1243.551	39,981,398	US$69,663m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)	Gold Bullion Securities	115.35	3,708,632	US$6,400m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam	ETFS Physical Gold	126.23	4,058,350	US$7,009m
Australian Stock Exchange (ASX)	Gold Bullion Securities	14.21	473,355	US$790m
Johannesburg Securities Exchange (JSE)	New Gold Debentures	42.47	1,365,570	US$2,346m
NASDAQ Dubai	Dubai Gold Securities	0.154	4,947	US$9m

COMEX Gold Trust (IAU) Total Tonnes in Trust: 165.38: +0.36 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,780.21: +16.65 change from yesterday’s data.

Timmins Gold’s listing on the NYSE, Randgold’s (GOLD) third quarter results, Freeport’s (FCX) striking workers, SilverCrest’s (SVL.V) appointments, and US Gold’s (UXG) drill results were among the big stories in the gold and silver mining industry making headlines today.

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

Prodigy Expands Magino Indicated Gold Resource to 2,176,000 Ounces and Inferred Gold Resource to 1,721,000 Ounces - More
- November 02, 2011 | Item | ShareThis

Varca Ventures Announces the Acquisition of Wildcat Mining Corporation - More
- November 02, 2011 | Item | ShareThis

Decade Resources Ltd.: 12.04 g/t Gold Over 15.85 Metres Intersected on Down Dip Extension of the Upper Montrose Zone - More
- November 02, 2011 | Item | ShareThis

Coro Announces Appointment of Sergio Rivera as VP Exploration - More
- November 02, 2011 | Item | ShareThis

Simba Commences Ground Exploration at Miyove Gold Project - More
- November 02, 2011 | Item | ShareThis

BonTerra Resources Inc. : BONTERRA CLARIFIES INFILL SAMPLING - More
- November 02, 2011 | Item | ShareThis

Andean American Engages Paradigm Capital to Provide Strategic Financial Advisory Services - More
- November 02, 2011 | Item | ShareThis

Silvercrest Appoints V.P. Corporate Development for Mexico and General Manager for Santa Elena - "SilverCrest Mines Inc. (TSX-V: SVL.V - News)(OTCQX: STVZF.PK - News) (the "Company") is pleased to announce the appointments of Dr. Salvador Aguayo Salinas as Vice President Corporate Development in Mexico and Fabio Velarde as General Manager for the Santa Elena Mine. Dr. Aguayo will be based in Hermosillo, Mexico, and will report to N. Eric Fier, CPG, P.Eng., President of Nusantara de Mexico SA de CV, a subsidiary of the Company. Mr. Fabio will be based at the Santa Elena mine site and report to Brent McFarlane, V.P. of Operations." More
- November 02, 2011 | Item | ShareThis

StoneShield Receives Data From Geldenhoof Summer 2011 Exploration - More
- November 02, 2011 | Item | ShareThis

Full Metal Identifies Multiple Gold Anomalies and Expands Land Package at Circle Project, Alaska - More
- November 02, 2011 | Item | ShareThis

Bison Gold Resources Inc. Exploration Update: Surface Exploration Identifies Additional Gold-Bearing Structures on the Central Manitoba and Cryderman Properties - More
- November 02, 2011 | Item | ShareThis

Golden Share Keeps Drilling and Refines Targets With Surface Geophysics at Shebandowan - More
- November 02, 2011 | Item | ShareThis

Phase 1 of IP Survey Completed and Drilling Started on New Targets - More
- November 02, 2011 | Item | ShareThis

Compass Gold Cancels Brokered Private Placement - More
- November 02, 2011 | Item | ShareThis

Liberty Star's Hay Mountain Claims Undergoing Geochemical Program - More
- November 02, 2011 | Item | ShareThis

La Ronge Gold Corp. Commences Confirmatory Work on Preview SW Deposit in Saskatchewan and Appoints Gordon Davidson as Vice President of Exploration - More
- November 02, 2011 | Item | ShareThis

Arrowhead Drills to Test 9.6 Grams Per Tonne Gold in Trenches at Puruni, Guyana - More
- November 02, 2011 | Item | ShareThis

INV Metals Announces Board Changes - More
- November 02, 2011 | Item | ShareThis

Anooraq Resources Corporation - Further cautionary announcement - More
- November 02, 2011 | Item | ShareThis

Lion One Announces Gold Porphyry Exploration Work Program for 2012 Tuvatu Gold Project, Fiji - More
- November 02, 2011 | Item | ShareThis

Banks Island Gold Ltd. Reports Strong VTEM Conductors Identified on Banks Island - More
- November 02, 2011 | Item | ShareThis

Goldstrike Discovers 5.3 Grams Per Tonne Gold in Outcrop on New 4 km Gold Trend - More
- November 02, 2011 | Item | ShareThis

Teranga Gold Corporation: Exploration on the Mine License Produces 131 Metres at 3.45gpt Gold and 87 Metres at 3.11gpt Gold - More
- November 02, 2011 | Item | ShareThis

Sagebrush Gold Adds Second Drill Rig at Relief Canyon - More
- November 02, 2011 | Item | ShareThis

Puget Ventures Inc./Global Cobalt Corporaton Announces Appointment of Mr. Jean-Pierre Colin as Corporate Strategy Advisor - More
- November 02, 2011 | Item | ShareThis

Anconia Resources Corporation-Press Release - More
- November 02, 2011 | Item | ShareThis

New America Energy Corp. Expands Nevada Lithium Position by 2,400 Acres - More
- November 02, 2011 | Item | ShareThis

Montero Appoints David Hodgson to the Board of Directors - More
- November 02, 2011 | Item | ShareThis

Corex Continues to Generate New Targets at Santana Property - More
- November 02, 2011 | Item | ShareThis

Galore Commences Drill Program on Dos Santos - More
- November 02, 2011 | Item | ShareThis

Copper Hills 43-101 Technical Report - More
- November 02, 2011 | Item | ShareThis

EurOmax Intercepts 345 Metres at 0.24% Copper and 0.32 Grams Per Tonne Gold at Ilovitza - More
- November 02, 2011 | Item | ShareThis

Rockhaven Resources Ltd. Drills 5.43 g/t Gold and 50 g/t Silver Over 14.80 m at Second Important Gold-Silver Zone-Klaza Project-Yukon - More
- November 02, 2011 | Item | ShareThis

Bullfrog Gold Corp. Announces Merger, $3.6 Million Financing and Personnel Appointments - More
- November 02, 2011 | Item | ShareThis

Caza Gold Identifies Phase 1 Drill Targets at the Los Andes Project, Nicaragua - More
- November 02, 2011 | Item | ShareThis

AmeriLithium Announces Start Date for 2nd Stage Exploration on Full Monty & Clayton Deep Lithium Projects - More
- November 02, 2011 | Item | ShareThis

Habanero Completes First Phase of Operations on Quebec Gold Prospect - More
- November 02, 2011 | Item | ShareThis

North Bay Resources Inc. (NBRI) Agrees to Terms on Taber Gold Project - More
- November 02, 2011 | Item | ShareThis

AuRo Controls the Largest Contiguous Land Package in the California-Vetas-Surata Mining District, Colombia - More
- November 02, 2011 | Item | ShareThis

Continental Nickel Intersects 2.66% Nickel and 0.60% Copper Over 14.3 Metres and Extends High Grade Zone at Ntaka Hill Project, Tanzania - More
- November 02, 2011 | Item | ShareThis

Adventure Gold Intersects 5.9 g/t Au, 0.4% Cu and 8 g/t Ag Over 4.4 Metres in Channel Sampling at Pascalis-Colombiere Property - More
- November 02, 2011 | Item | ShareThis

ATAC Resources Drills 26.12 Metres of 6.08 g/t Gold at Osiris Zone: Isis East Discovery Hole Intersects 38.10 Metres of 3.33 g/t Gold - More
- November 02, 2011 | Item | ShareThis

Exploration Commences at Santa Cruz, Mexico - More
- November 02, 2011 | Item | ShareThis

Sutter Gold Announces Appointment of Dr. Leanne Baker to the Company's Board of Directors - More
- November 02, 2011 | Item | ShareThis

Kirrin Resources Bottom Brook REE Project Awarded $100,000 Grant by Government of Newfoundland and Labrador - More
- November 02, 2011 | Item | ShareThis

Lydian Drilling Intersects 146 Meters at 1.6g/t Gold (Open at Depth) at Erato, 138 Meters at 1.5g/t and 101 Meters at 1.1g/t Gold From Artavasdes - More
- November 02, 2011 | Item | ShareThis

Mariana Resources Ltd.: First Phase IV Scout Drilling Results Expand Potential at Las Calandrias Gold-Silver Project, Argentina - More
- November 02, 2011 | Item | ShareThis

Redstar Intersects 343 g/t Gold Over 0.6 Metres and 33.8 g/t Gold over 0.5 Metres - More
- November 02, 2011 | Item | ShareThis

Augyva Announces Award of Stock Options - More
- November 02, 2011 | Item | ShareThis

Eloro To Recommence Drilling of Multiple, High-Grade, Gold-Bearing Zones Beneath Historic Simkar Mine Workings - More
- November 02, 2011 | Item | ShareThis

Quantum Rare Earth Developments Options Out Australian Properties - More
- November 02, 2011 | Item | ShareThis

Ashburton Signs Letter of Intent for the Golden Edge Property and Begins Discussion for Strategic Alliance With Premier Gold Mines - More
- November 02, 2011 | Item | ShareThis

Confederation Announces Significant High Grade Gold Results From Newman Todd; 343 g/t Gold Over 0.6 Metres and 11.1 g/t Gold Over 2.0 Metres Including 33.8 g/t - More
- November 02, 2011 | Item | ShareThis

Goldrush Intersects 38 Metres Averaging 1.49 g/t Gold and 6.25 g/t Gold Over 6 Metres in Infill Reverse Circulation Drilling at Ronguen Gold Deposit - More
- November 02, 2011 | Item | ShareThis

Chalice takes key step towards gold production with signing of Eritrean Mining Agreement - More
- November 02, 2011 | Item | ShareThis

Firestone Ventures Advances La Luna Zinc-Lead-Silver Property - More
- November 02, 2011 | Item | ShareThis

BonTerra Resources Inc.: BonTerra's Infill Sampling Assays Confirm Continuity of Gold Mineralization on the Eastern Extension Property in Quebec - More
- November 02, 2011 | Item | ShareThis

Drill Results Define Extensions to Gold & Silver Mineralized Shoots on the El Oro Gold Project, Mexico - More
- November 02, 2011 | Item | ShareThis

Coronet Renegotiates Yanamina Agreement, Pursues Additional Acquisitions - More
- November 02, 2011 | Item | ShareThis

El Gallo Complex Drilling Continues to Intersect Exciting Near Surface Silver Mineralization at Palmarito Plus Core Twinning Delivers +49% Increase in Silver - "US GOLD CORPORATION (NYSE: UXG - News)(TSX: UXG - News) is pleased to announce results from 1) exploration drilling and 2) core twinning at Palmarito, part of the El Gallo Complex in Sinaloa, Mexico. Exploration drilling continues to intersect exciting mineralization, designed to expand the open pit resource. Highlights include: 140.0 grams per tonne (gpt) silver over 14.0 meters (m), 180.7 gpt silver over 8.7 m and 384.2 gpt silver over 4.7 m. Results start from surface. In addition, 39 of 61 historical reverse circulation holes have been twinned with core. Results to date show that the grade-weighted average has been increased to 157 gpt silver from 106 gpt silver (+49%) (Table 2)." More
- November 02, 2011 | Item | ShareThis

Timmins Gold to Commence Trading on NYSE Amex On November 4, 2011 - "Timmins Gold Corp. (TSX: TMM.TO - News) is pleased to announce that it has been approved to list its common shares on the NYSE Amex beginning on November 4, 2011 under the ticker symbol "TGD". The Company will continue to be listed on the Toronto Stock Exchange ("TSX") under the ticker symbol "TMM"." More
- November 02, 2011 | Item | ShareThis

Randgold Resources 3rd Quarter Results - "Despite torrential rains which flooded its flagship Loulo/Gounkoto complex in Mali during August, Randgold Resources ('Randgold') maintained gold production and on an adjusted basis significantly increased profit in Q3." More
- November 02, 2011 | Item | ShareThis

Striking Freeport Indonesia Workers to Resume Talks Nov. 7 - "Striking workers at Freeport-McMoRan Copper & Gold Inc. (FCX)’s Grasberg mine in Indonesia will return to negotiations on wage increases Nov. 7, a union official said.

“We still propose a $7.50 per hour wage in the coming meeting and we expect to come up with a solution before the striking deadline on Nov. 15,” said Airan Koibur, head of industrial relations at PT Freeport Indonesia’s labor union." More
- November 02, 2011 | Item | ShareThis

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